for quite some time now the market has been playing the same classic bullish game move bullish create a higher high touch trendline move bearish create a higher low move bullish and the cycle repeats its self.
the market has come to the resisting trendline once again has touched the intraday resistance zone and RSI is indicating the market is touching overbought. Therefore I'm bearish for the next few days
Which price are you targeting with your sell Position? Where do you set your stop loss?
LUNGU_FX
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@solidFinance919, we took profit yesterday as stop losses in profit were hit. however, regarding selling today wouldn't be recommended until we see price break below the trend line and the resistance zone then retest. so around 16430.00 will sells be recomanded
dfdf5c546bb94a4da2fa37db698abf
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@LUNGU_FX, I have a short from 16322. Do you think it will go down before it goes higher?
LUNGU_FX
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@dfdf5c546bb94a4da2fa37db698abf, I believe that a break below then a retest to the zone of 16350 - 16400 will confirm a sell. and yes my team have confirmed that the market will come down before moving bullish again. so we could see a bearish monday. an update will be posted tonight
dfdf5c546bb94a4da2fa37db698abf
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@LUNGU_FX, Thanks for the reply. When will you post the update?